LeftMenu

HKFRS 15 Revenue from Contracts with Customers

Technical Resources

This webpage contains pronouncements, guides and articles that are relevant
to HKFRS 15 Revenue from Contracts with Customers.

Effective Date

Financial periods beginning on or after 1 January 2018.

Affected standards

HKAS 18 Revenue, HKAS 11 Construction Contracts, HK(IFRIC)-Int 13 Customer Loyalty Programmes, HK(IFRIC)-Int 15 Agreements for the Construction of Real Estate, HK(IFRIC)-Int 18 Transfers of Assets from Customers and HK(SIC)-Int 31 Revenue—
Barter Transactions Involving Advertising Services.

Why do we need a new standard

Information about revenue is used to assess a company’s financial performance and position and to compare that company with other companies. However, previous revenue requirements:

made it difficult for investors and analysts to understand and compare a company’s revenue as the disclosure requirements were found to be inadequate and boilerplate; and
were inconsistent and lacked guidance that deal with important and/or complex transactions, particularly because basis for conclusions were not provided with previous Standards.

Click below for more information



	HKFRS 15, basis for conclusions and illustrative examples
	Additional references issued by Standard Setters and Regulators
	Useful references issued by other organisations
	Aplus articles

Focus:


Additional references issued by Standard Setters and Regulators
	The Institute Standard Setting Department
	Staff summary (July 2014) Staff summary: Clarifications to HKFRS 15 (June 2016) Q&As: Recognition of IPO sponsor fee income under HKFRS 15 Revenue from Contracts with Customers Q&As: HKFRS 15 Revenue from Contracts with Customers - Revenue Recognition Considerations in the Engineering and Construction Industries Illustrative examples on IPO sponsor fee income Aplus articles
	IASB
	Project page: IFRS 15 IASB project summary and feedback statement "Investor Perspective" article: Revenue recognition: finally, a Standard approach "Debrief" video: IASB explain why it developed IFRS 15 and further clarifications IFRS Interpretations Committee agenda decisions
	IASB/FASB Joint Transition Resource Group (TRG)
	IASB Project page FASB Project page
	US Financial Accounting Standards Board (FASB)


Useful references issued by other organisations

	BDO HKFRS/IFRS Update 2016/06: Clarifications to HKFRS/IFRS 15
	CFA Institute Revenue Recognition Changes: Key Judgments and Implementation Progress (2017)
	Deloitte IAS Plus: Revenue resource page Deloitte CAS Plus: 國際財務報告淮則第15號-與客戶之間的合同產生的收人(IFRS 15) (May 2014) Deloitte CAS Plus: IASB引入对IFRS 15的澄清 (April 2016) E-learning modules on IFRS 15
	EY IFRS: Revenue Recognition
	KPMG Insights: New Revenue Standard Revenue Transition Options (June 2016)
	PCAOB Staff Audit Practice Alert No.15: Matters Related to Auditing Revenue from Contracts with Customers (October 2017)
	PwC Topic Home Pages: IFRS 15
	Zhonghui HKFRS Update - HKFRS 15 (December 2014) HKFRS Update - Clarifications to HKFRS 15 (July 2016)